New Plan Excel Realty Trust Renews Credit Facility
August 28 2006 - 5:46PM
PR Newswire (US)
NEW YORK, Aug. 28 /PRNewswire-FirstCall/ -- New Plan Excel Realty
Trust, Inc. (NYSE:NXL) today announced that it has renewed its $350
million Senior Unsecured Revolving Credit Facility (the Revolver)
and added an accordion feature to increase the facility, at the
Company's option, up to $500 million. The Revolver bears interest
at LIBOR plus 55 basis points (based on the Company's current
credit ratings) and incurs an annual facility fee of 15 basis
points, resulting in an aggregate 15 basis point reduction in the
effective interest rate of the Revolver. The Revolver is scheduled
to mature on August 25, 2010, with a one-year extension option.
Concurrently with the renewal of the Revolver, the Company also
renewed its $150 million Senior Secured Term Facility (the Term
Loan). The Term Loan bears interest at LIBOR plus 55 basis points
(based on the Company's current credit ratings), which represents a
30 basis point reduction in the effective interest rate of the Term
Loan, and is scheduled to mature on August 25, 2010. Bank of
America, N.A. acted as Administrative Agent in both facilities,
with The Bank of New York acting as Co-Syndication Agent in the
Revolver and Syndication Agent in the Term Loan. For the Revolver,
Keybank National Association acted as Co-Syndication Agent, and
J.P. Morgan Chase Bank, N.A. and SunTrust Bank acted as
Co-Documentation Agents. SunTrust Bank acted as Documentation Agent
in the Term Loan. Banc of America Securities LLC and BNY Capital
Markets, Inc. were Joint Lead Arrangers for both facilities. New
Plan is one of the nation's largest real estate companies, focusing
on the ownership, management and development of community and
neighborhood shopping centers. The Company operates as a
self-administered and self-managed REIT, with a national portfolio
of 480 properties, including 175 properties held through joint
ventures, and total assets of approximately $3.4 billion. The
properties are strategically located across 39 states and include
463 community and neighborhood shopping centers, primarily grocery
or name-brand discount chain anchored, with approximately 67.9
million square feet of gross leasable area, and 17 related retail
real estate assets, with approximately 1.1 million square feet of
gross leasable area. For additional information, please visit
http://www.newplan.com/. Certain statements in this release that
are not historical fact may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results of the Company to differ materially from historical results
or from any results expressed or implied by such forward-looking
statements, including without limitation: national or local
economic, business, real estate and other market conditions; the
competitive environment in which the Company operates; financing
risks; possible future downgrades in our credit ratings; property
ownership / management risks; the level and volatility of interest
rates and changes in capitalization rates with respect to the
acquisition and disposition of properties; financial stability of
tenants; the Company's ability to maintain its status as a REIT for
federal income tax purposes; acquisition, disposition, development
and joint venture risks, including risks that developments and
redevelopments are not completed on time or on budget; governmental
approvals, actions and initiatives; potential environmental and
other liabilities; and other factors affecting the real estate
industry generally. The Company refers you to the documents filed
by the Company from time to time with the Securities and Exchange
Commission, specifically the section titled "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December
31, 2005, which discuss these and other factors that could
adversely affect the Company's results. DATASOURCE: New Plan Excel
Realty Trust, Inc. CONTACT: Stacy Slater, Senior Vice President -
Corporate Communications, New Plan Excel Realty Trust, Inc.,
+1-212-869-3000, Web site: http://www.newplan.com/
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